Never buy on ebay

Aileen I've only been involved in one real life auction. It was brilliant. It was held in an empty pool hall on Camden Street (now it is an under-aged drinking joint) on a Saturday afternoon. They started by auctioning a collection of spanners for a euro. Scores of excited hands went up. "By the spanners" my partner said. "We don't need spanners" I said. What we needed, I decided, was a deep fat fryer, all the better, all the safer, to make late night, back from the pub chips. I bid and I bid and I bid and I won. I ended up buying that "bargain" at pretty much the same price as I could have got it in any local shop, which way beyond the prices suggested on the flier advertising the event. I learned a valuable lesson that day; go for the spanners.

All of this is a round about way of passing on this lovely blog post about the irrationalities of auctions from the interesting blog http://www.rethinkingmarkets.org/ (I’ve added them to our blog roll).